Tom Joseph
HARRISBURG, Pa. - Pennsylvania ranks 14th when it comes to financial security, according to the 2012 "Assets and Opportunities Scorecard."
The nonprofit Corporation for Enterprise Development gives the state a "B." Its residents' average net worth is $100,000, and their average credit card debt is slightly more than $10,000.
Board member Don Baylor, senior policy analyst with the Center for Public Policy Priorities, says there are too few opportunities to increase earnings and savings, and many Pennsylvanians lack a rainy-day fund to handle unexpected medical or employment setbacks.
"They're essentially a job loss away from having zero assets."
The nonprofit Corporation for Enterprise Development gives the state a "B." Its residents' average net worth is $100,000, and their average credit card debt is slightly more than $10,000.
Board member Don Baylor, senior policy analyst with the Center for Public Policy Priorities, says there are too few opportunities to increase earnings and savings, and many Pennsylvanians lack a rainy-day fund to handle unexpected medical or employment setbacks.
"They're essentially a job loss away from having zero assets."
Medical debt, he says, is one of the most common triggers of personal bankruptcy - and about 12 percent of Pennsylvanians don't have insurance. The report notes that half of Pennsylvanians have subprime credit.
Baylor says policymakers could do more to help consumers improve their credit scores, which would contribute to greater economic development and job growth in the state.
Baylor says improving educational attainment would go a long way toward expanding earnings and savings.
"Finishing high school and completing college. That's really kind of where the state needs to focus a lot of its attention, and link household finances with increased educational attainment and access."
The Pennsylvania scorecard is online at scorecard.assetsandopportunity.org.
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